- Shiba Inu surpasses the 26-day EMA, signaling its strongest technical movement since May.
- Volume growth confirms increasing buyer interest as SHIB gains momentum near key resistance levels.
- EMA convergence suggests a possible sustained breakout amid reduced market volatility.
Shiba Inu has moved above a key resistance level, trading firmly beyond the 26-day exponential moving average at $0.0000118. This development follows several weeks of tight price consolidation and signals renewed momentum in SHIB’s price action.
The recent rise is supported by a clear convergence between the 26-day and 50-day exponential moving averages. Historically, this convergence reflects an impending directional move as market volatility contracts. Shiba Inu’s steady climb from its late-June low shows growing market confidence in the asset.
Volume and RSI Support the Breakout
Rising trading volume adds further support to the breakout, offering validation that this upward move is not simply a short-term spike. The Relative Strength Index, currently sitting at 51, suggests SHIB is far from overbought territory. This indicates more room for price appreciation without the immediate risk of correction.
The second area of resistance is identified at the range between 0.0000124 and 0.0000130. On this level is a former support and resistance tier and a 100-day EMA. Whether or not SHIB can keep up with this trend depends on the capabilities of the bulls to step outside of this zone with sustained buying power.
Market Sentiment Lends Support
The general cryptocurrency market has experienced some good news with the Altcoin Season Index being off all-time lows. The action of Shiba Inu is in line with the broader altcoin movement, with Ethereum spearheading the market volumes in altcoin trading. Traders seem to be more risk-friendly, and the breakout of SHIB above several technical indicators only confirms this trend.
The latest price movement represents a technical confirmation that the market has long expected since May. Having an upward, gradual volume growth and EMA structure, the price of SHIB may continue to grow in the direction of the $0.0000145 level in case of the existing momentum.
The fact that Shiba Inu bumped above its 26-day EMA has signaled a change of the market power and a significant technical point. A steady bullish demand and less volatility imply that a further rise may be possible, although clearing of the resistance lines is mandatory in any case.
